An early election was meant to bind the Conservatives to Theresa May's agenda for at least five years, but instead it has badly shaken the governing party with ministers questioning its seven-year pursuit of austerity.
Italy's debt-burdened government approved a package of economic reforms Tuesday (11 April) designed to cut €3.4 billion from its deficit this year, Prime Minister Paolo Gentiloni said, following pressure from Brussels.
The European Commission will warn Italy on Wednesday (22 February) it could face EU disciplinary action for not reducing its huge public debt as required by EU laws, unless Rome delivers on deficit cutting measures as promised, an EU official said.
Rules to control national spending are “complex” and the current approach is “inadequate”, the chair of the EU Network of Independent Fiscal Institutions, José Luis Escrivá, said on Tuesday (31 January).
The Italian government will start to increase spending on emergency funds this week to deal with the earthquakes that have struck the country, independent of a European Commission request to reduce its structural deficit. EURACTIV’s partner Milano Finanza reports.
During a TV debate yesterday evening (25 January), both contenders for the Socialist ticket in the French Presidential election said they would loosen the country’s purse strings, with Benoît Hamon going a step further by promising to end the EU's “3% deficit dogma”. EURACTIV France reports.
The new European Fiscal Board began working just as the European Commission took the unprecedented step of proposing a fiscal target for the eurozone. The Board’s chief, Niels Thygesen told EURACTIV.com that the Commission should have done “more analysis” before proposing an expansionist stance.
Brexit will cause Britain's economic growth to slow sharply and blow a hole in government finances that will require it to borrow an extra £122 billion [€143 billion] over five years, a gloomy budget update revealed today (23 November).
The European Commission stepped up its efforts to leave austerity behind on Wednesday (16 November) by advocating for the first time a timid expansionary fiscal policy for the eurozone and forgiving Spain and Portugal for breaching EU budget rules.
EU officials in Brussels welcomed the confirmation of Luis de Guindos as Spain's economic affairs minister for a second term. The man is considered as an “extremely able” envoy of the Madrid government.
Spain's leader Mariano Rajoy, starting a second term after months of political paralysis in his country, formed a new cabinet last night (3 November) that looks set to maintain controversial economic reforms and cement EU ties.
The European Parliament gave some leeway to Spain and Portugal on Thursday (6) before an expected suspension of EU funds takes place, as MEPs decided to continue their assessment by calling their finance ministers
A broad majority of MEPs spoke against freezing EU funds for Spain and Portugal at a European Parliament session late on Monday (3 October), saying such a decision would be “immoral”, “unfair”, “counterproductive” and even “illegal”.
The ECB issued a strong warning to the EU institutions on Friday (9 September) about the “long-term consequences” of poor implementation of the fiscal rules, in the aftermath of the partial pardons given to Spain and Portugal, after they missed their deficit targets.
Spain's caretaker Prime Minister Mariano Rajoy yesterday (30 August) urged lawmakers to back him for a second term, arguing ahead of a confidence vote which he appears set to lose that the country "urgently" needs a government.
Spain's acting prime minister Mariano Rajoy, bidding to end an eight-month political stalemate, said yesterday (18 August) he was ready to face a confidence vote on forming a new government after agreeing terms for a pact with centrist rivals.
A strong group of commissioners was in favour on Wednesday (27 July) of imposing at least a symbolic fine on Spain and Portugal for breaching the Stability and Growth Pact, but Jean-Claude Juncker opted for a zero penalty - supported by German Finance Minister Wolfgang Schauble.
The president of the Canary Islands has asked for the archipelago to be excluded from any potential suspension of European regional funds on account of Spain's failure to sufficiently cut its deficit. EURACTIV Spain reports.
The European Commission is expected to fine Spain on Wednesday (26 July), but it will give two extra years to Madrid to adjust its budget - while the commissioners pledge a solution for Italian banks that will protect small investors.
The EU threatened Spain and Portugal Tuesday (12 July) with huge fines for failing to fix years of high deficits, in the first time Brussels has wielded its disciplinary powers over member states' budgets.